The Federal Executive Council (FEC) has approved a proposed budget of N47.9 trillion for 2025.
Minister of Budget and Economic Planning, Atiku Bagudu, made the announcement while briefing correspondents following the FEC meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.
The approval is part of the Medium Term Expenditure Framework (MTEF) for 2025-2027, in accordance with the Fiscal Responsibility Act of 2007.
The framework, which is now to be submitted to the National Assembly as required by law, projects a Gross Domestic Product (GDP) growth rate of 4.6%, an exchange rate of $75 to the Naira, and oil production of 2.06 million barrels per day.
